• April 12, 2024

March CPI inflation eases to 4.85% versus 5.09% in February; industrial production grows 5.7% in February – Times of India

March CPI inflation eases to 4.85% versus 5.09% in February; industrial production grows 5.7% in February – Times of India
Share


March CPI 2024: India’s Consumer Price Index (CPI) inflation, also called the retail inflation, eased to 4.85% versus 5.09 percent in February 2024. The inflation is slowly moving to RBI’s comfort level of 4%. While CPI Urban inflation came in at 4.14%, CPI rural inflation was at 5.45%. The Consumer Food Price Index (CFPI) inflation was reported at 8.52% versus 8.66% in February.
February IIP data:
India’s industrial production expanded by 5.7% in February 2024, as per official data.This growth contrasts with a 6% increase recorded in February 2023, according to the Index of Industrial Production (IIP). Industrial output for January was revised to 4.1% from 3.8%.
The National Statistical Office (NSO) reported that manufacturing output rose by 5% in February 2024, slightly lower than the 5.9% growth seen in the same month last year. Mining production surged by 8% in February 2024, while power output grew by 7.5%.
Over the period of April 2023 to February 2024, the IIP registered a growth of 5.9%, compared to a 5.6% expansion during the same period a year ago.
Earlier this month, RBI governor Shaktikanta Das in his monetary policy statement said, “Inflation has come down significantly but remains above the 4 per cent target. Food inflation continues to exhibit considerable volatility impeding the ongoing disinflation process.”
“Two years ago, around this time, when CPI inflation had peaked at 7.8 per cent in April 2022, the elephant in the room was inflation. The elephant has now gone out for a walk and appears to be returning to the forest. We would like the elephant to return to the forest and remain there on a durable basis. In other words, it is essential, in the best interest of the economy, that CPI inflation continues to moderate and aligns to the target on a durable basis. Till this is achieved, our task remains unfinished,” he had emphasised.




Source


Share

Related post

Stock market today: BSE Sensex dips over 200 points in opening trade; Nifty50 near 24,000 – Times of India

Stock market today: BSE Sensex dips over 200…

Share Analysts expect markets to remain subdued on the back of several global events. (AI image) Stock market…
Azad Engineering bags Rs 700 crore order from Japanese giant Mitsubishi – Times of India

Azad Engineering bags Rs 700 crore order from…

Share HYDERABAD: Azad Engineering Ltd, a Hyderabad-based manufacturer of complex and highly engineered precision forged components for global…
FMCG firms worry over high inflation, squeezing urban market; hint price hike – Times of India

FMCG firms worry over high inflation, squeezing urban…

Share NEW DELHI: Leading FMCG companies reported a decline in margins in the September quarter on account of…